JBS Takes over Agroveneto07 November 2012
BRAZIL - JBS has agreed to acquire poultry producer, Agroveneto.
JBS S.A. has announced it has acquired 100 per cent of the shares of Agroveneto S.A.. The total value of the transaction is approximately 128 million Real (BRR), of which BRR10 million is payable in Company shares, the balance being debt assumption, the exact amount to be determined by a due diligence process underway.
The deal is subject to approval by the authorities and by the Company's board of directors as well as to the conclusion of the due diligence.
Agroveneto specialises in the production of chicken products and operates out of Nova Veneza in the southern Brazilian state of Santa Catarina. The plant has capacity to process 140,000 birds per day and sells a range of more than 30 different products on both the domestic and export markets, ranging from chilled and frozen cuts, spiced and breaded products as well as a line of Individually Quick Frozen (IQF) products, exporting mainly to Asia, Europe and the Middle East.
The acquisition of Agroveneto complements JBS operations in this segment in Brazil. This new production unit will be incorporated into JBS Aves, which now encompasses four production facilities in this sector in Brazil with a capacity to process 1.34 million birds daily.
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